Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter http://twitter.com/#!/lucksr

Wednesday, April 6, 2011

Reigning the Nifty 6th April 2011



 Daily Chart




 Half Hourly Chart






Bearish Points

A hanging man at key resistance.The candle inspite of having a bullish lower shadow shows bears were active and were successful in pushing prices down.The overbought status of the oscillators  makes the rally vulnerable to bear attacks.All rallies are suspect till the high of  6338 is taken out.


Bullish Points

Today's candle conformed with the higher high higher low needed for the continuation of the uptrend. The golden cross of the 50 & 200 ema was maintained for the second day.The close was also above the 61.8% fibo level of the fall from 6338 to 5177 for the second continuous day.Corrections have only been intraday indicating profit booking rather than short selling and also shows good buying support.

My View

Bullishness is more prominent on the charts. The only nagging fact is that the rally is getting older. The trend is your friend and preempting a reversal is foolhardiness. Trade long with stops as per your risk appetite.



follow me on twitter http://twitter.com/#!/lucksr

Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

No comments: